DT Midstream
Transports, stores, and gathers natural gas from producer basins to North American demand markets.
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Profile
Operates Pipeline and Gathering businesses that transport, store, and collect natural gas from the Haynesville and Appalachia regions to Midwest, Northeast, Gulf Coast, and Canadian markets. Revenue depends on contracted infrastructure serving producers, utilities, power plants, industrial customers, and other gas buyers.
Operates natural-gas infrastructure through Pipeline and Gathering. Pipeline transports and stores gas across interstate and intrastate systems, while Gathering collects production in the Haynesville and Appalachia regions and moves it toward processing and transportation links.
Connects producer basins with utility, power, industrial, and other demand markets across the Midwest, Northeast, Gulf Coast, and Canada. The portfolio combines inherited DTE Energy assets with expanded LEAP capacity, a controlling Millennium Pipeline interest, and Guardian, Midwestern, and Viking systems.
Executes by operating assets safely and reliably, integrating acquisitions, and expanding contracted corridors. Results depend on natural-gas demand, long-term contract performance and renewal, customer credit quality, regulatory approvals and rate treatment, timely construction, and reliable operation of capital-intensive infrastructure.
Company facts
Categories
Key statistics
Year to date +7.1% · Average volume (30d) 986.9K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 26, 2026 | Wolfe Research | Upgrade | Underperform | Outperform | $53 | $145 |
| Jul 31, 2026 | Jefferies | Target | $170 | $155 | ||
| Jul 16, 2026 | Jefferies | Reiterate | Buy | $164 | $170 | |
| Jul 8, 2026 | Jefferies | Reiterate | Buy | $166 | $164 | |
| May 26, 2026 | Scotiabank | Target | $176 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 30, 2026Q2 FY26 | $1.17 | $1.09 | −6.8% | $325.8M | $343.0M | +5.3% | +0.60% |
| Apr 30, 2026Q1 FY26 | $1.11 | $1.27 | +14.4% | $313.6M | $336.0M | +7.1% | −0.36% |
| Feb 19, 2026Q4 FY25 | $1.11 | $1.08 | −2.7% | $317.1M | $317.0M | 0.0% | +2.82% |
| Oct 30, 2025Q3 FY25 | $1.03 | $1.13 | +9.7% | $320.1M | $314.0M | −1.9% | −0.17% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $303.0M | $309.0M | $314.0M | $317.0M | $336.0M | $343.0M | |
| Gross profit | $162.0M | $166.0M | $230.0M | $163.0M | $182.0M | $253.0M | |
| Operating income | $148.0M | $155.0M | $155.0M | $156.0M | $167.0M | $173.0M | |
| Net income | $108.0M | $107.0M | $115.0M | $111.0M | $130.0M | $112.0M | |
| Diluted EPS | $1.06 | $1.04 | $1.12 | $1.08 | $1.27 | $1.09 | |
| Gross margin | 53.5% | 53.7% | 73.2% | 51.4% | 54.2% | 73.8% | |
| Operating margin | 48.8% | 50.2% | 49.4% | 49.2% | 49.7% | 50.4% |
Fiscal years (4-quarter sums)FY21 $840.0M · FY22 $920.0M · FY23 $922.0M · FY24 $981.0M · FY25 $1.24B
Revenue by product · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $172.0M · Total debt $3.37B · Total assets $10.21B · Shareholders' equity $4.78B
Dividends
Raised for 3 straight years — most recently to $0.88 from $0.82 in Mar 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jun 15, 2026 | Jun 15 | Jul 15 | $0.88 | |
| Mar 16, 2026 | Mar 16 | Apr 15 | $0.88 | raised from $0.82 |
| Dec 15, 2025 | Dec 15 | Jan 15 | $0.82 | |
| Sep 15, 2025 | Sep 15 | Oct 15 | $0.82 | |
| Jun 16, 2025 | Jun 16 | Jul 15 | $0.82 | |
| Mar 17, 2025 | Mar 17 | Apr 15 | $0.82 | raised from $0.735 |
| Dec 16, 2024 | Dec 16 | Jan 15 | $0.735 | |
| Sep 16, 2024 | Sep 16 | Oct 15 | $0.735 |
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 102.02M · Float 101.38M · 99.4% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 11.40M | 11.17% | 13F | Aug 7, 2026 |
| Vanguard Portfolio Management LLC | 5.78M | 5.66% | 13F | Aug 13, 2026 |
| Vanguard Capital Management LLC | 4.61M | 4.52% | 13F | Aug 13, 2026 |
| Geode Capital Management, LLC | 3.40M | 3.33% | 13F | Aug 12, 2026 |
| State Street Corp | 3.38M | 3.31% | 13F | Aug 7, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 7, 2026 | Elaine M. Pickle | director | +1,500 | $132.61 |
| Aug 5, 2026 | Jeffrey A. Jewell | officer: Executive V.P., CFO | +145 | $133.78 |
| May 15, 2026 | Jeffrey A. Jewell | officer: Executive V.P., CFO | +150 | $147.73 |
| Feb 26, 2026 | Peter I. Tumminello | director | −2,002 | $135.79 |
| Feb 25, 2026 | Jeffrey A. Jewell | officer: Executive V.P., CFO | +185 | $136.33 |
Peers
- Williams
Overlaps in gas transmission and Appalachia and Haynesville gathering
- Kinder Morgan
Large-scale rival in gas transport, storage, and Haynesville gathering
- Energy Transfer
Gas pipeline and storage rival across Haynesville and Midwest corridors
- MPLX
Appalachia rival in gas gathering and producer midstream services
- Enbridge
Overlaps in Northeast gas transmission and Great Lakes storage
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| DT Midstream | $129.53 | −0.02% | $13.21B | 28.4 | 27.3 | 10.1 | +11.0% |
| Williams | $74.47 | +1.02% | $90.18B | 29.3 | 30.4 | 7.4 | +10.2% |
| Kinder Morgan | $31.50 | −0.16% | $70.28B | 20.2 | 21.2 | 3.9 | +10.8% |
| Energy Transfer | $21.34 | +0.12% | $73.33B | 13.2 | 12.9 | 0.7 | +78.4% |
| MPLX | $59.28 | −0.05% | $60.12B | 12.7 | 12.8 | 4.7 | +10.6% |
| Enbridge | $50.26 | +0.12% | $109.62B | 24.2 | 23.4 | 1.6 | +41.2% |
| Median | 20.2 | 21.2 | 3.9 | +10.8% |